Ethereum
Ethereum (ETH) Hits Major Staking Milestone: Details
Tomiwabold Olajide
This milestone remains important as the ETH network becomes stronger against attacks
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According to on-chain analytics firm Santiment, Ethereum (ETH)the second-largest cryptocurrency by market cap, just hit a major milestone – this time in staking.
Staking refers to the act of depositing 32 ETH to activate the validator software. However, there is some flexibility, as any user with any amount of ETH can contribute to securing the network, while earning rewards based on the amount they are willing to stake. While 32 ETH may be required to activate validator status, it is possible to stake less.
Validators are responsible for storing data, processing transactions, and adding new blocks to the Ethereum blockchain. This helps keep Ethereum secure, while also allowing users to earn ETH rewards.
According to SantimentThe ETH2 Beacon deposit contract, used for staking deposits for Ethereum 2.0, now holds an all-time high of 47.36 million ETH. Santiment sees this as positive, as the figure represents 33.9% of the entire ETH supply.
Santiment noted a growth trend in staked ETH, noting that it has more than tripled from the 10.9% held by the ETH2 Beacon deposit contract two years ago.
This step remains important as the network becomes stronger against attacks as more ETH is staked as it takes more ETH to control the majority of the network.
Blackrock’s BUIDL fund, which operates on the Ethereum network, continues to attract new investors. The fund requires a minimum entry of $5 million and its total assets have almost reached $500 million.
Ethereum Price Evolution
At the time of writing, ETH was trading down 0.29% over the past 24 hours at $3,079. In the short term, the $2,850 level is considered a strong support for ETH Price action.
The $2,850 support is cracking, selling could increase and Ethereum could start a downtrend towards $2,200. Bulls are likely to defend this level vigorously.
Alternatively, if ETH price rebounds from its current level and rises above $3,110, it could signal the start of a relief rally above $3,200.
About the Author
Tomiwabold Olajide
Tomiwabold is an experienced cryptocurrency analyst and technical analyst. He pays special attention to cryptocurrency research, conducting comprehensive price analyses and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.